A crappy, overpriced, undersized apartment that real-estate agents market as trendy. Frequently located in a crappy ghetto and/or a contaminated former industrial building, facts that the real estate agent also downplays.

Real Estate Agent: Look at these new lofts, priced from $1500/month. They're in a vibrant new neighborhood in a historic landmark building.

Really: A 400 square foot walk-up apartment with a cheap coat of paint hiding the asbestos. Should rent for $500/month, but some sucker is willing to pay $1500. The neighborhood is almost never as nice as the brochures make it out to be.

What used to be termed as a 'Studio Apartment' (+/- 400 SF) is now being marketed as 'loft' by real estate people to capitalize on current trends and confuse the buying public that any one room apartment is a 'loft'.
(A REAL loft is a minimum of 1,000+ sf with no walls, but could be divided up into several rooms if so desired.)

"Dude, are you sure this new condo of yours is a loft? It seems like a studio apartment to me: it's like 200 sf, you could only fit your bed in here, every time i move I knock something over, and the ceilings are so low I have to duck just to walk around!"
"OF COURSE it's a LOFT, my real estate agent ASSURED me of this! I mean, I wouldn't have paid $900K for a studio apartment! "

inhabitable premises with a view (especially of the sky in the early morning), usually in trendy downtown locales where frequent kissing, hair pulling, hand feeding, and viewing james bond flicks occur.